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MONEY With Melissa Francis

News/Business. Melissa Francis with a breakdown of the day's top stories and their impact on the American Taxpayer. New.

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01:00:00

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Us 10, Melissa 8, Fred 6, U.s. 6, New York 6, Juan 5, Obama 4, Eric Schneiderman 3, Craig 3, Bill Richardson 3, Washington 3, Emerson 2, Unitedhealthcare 2, Scott Martin 2, Exxon 2, Bill Clinton 2, New Yorkers 2, America 2, Colorado 2, Europe 2,
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  FOX Business    MONEY With Melissa Francis    News/Business. Melissa Francis with a breakdown of the day's  
   top stories and their impact on the American Taxpayer. New.  

    November 7, 2012
    5:00 - 6:00pm EST  

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melissa: rhyme melissa francis and here's what's "money" tonight. stocks are crushed in the wake of president obama's big win but all is not lost. there are still ways to make money over the next four years, we promise, regardless of the chaos in d.c. and we'll tell you exactly how. plus it is officially full speed ahead towards the fiscal cliff. get ready. two months to go. no solution in sight. we'll talk exclusively to the one member of the bipartisan fix the debt campaign on the key to make sure the economy doesn't fly over the edge, please. price-gouging runs rampant in the wake of superstorm sandy from gas to generators to bread, new york attorney general eric schneiderman says he has heard enough and he is here in another fox business
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exclusive to explain just how he is cracking down. even when they say it is not, it is always about money. melissa: first let's take a look at the day's market headlines of the bears went on a campaign after last night's election. stocks posted their worst day of the year with investors spooked over fiscal cliff fears as well as renewed concerns over europe's debt crisis. that didn't go away by the way. the dow plunged 312 points, closing below 13,for the first time since september 4th. bank of america led losses for the dow diving more than 7%. shares of jpmorgan also fell more than 5%. one of the few bright spots on the day, hospital stocks, shares of industry giant, hca holdings rallied more than 9%. the only place to hide
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today. our top story tonight, the markets got hammered today. the dow closed down 312 points. that wasn't even the low of the session. but look at the bright side. four years ago the market also took a beating, dropping 486 points the day after president obama won the first time. you have to admit, they have managed a nice comeback since then. it will be okay. the question is, do's market selloff is it a one-day fluke or indicative of things to come? here to start us off on this one is united advisors chief market strategist scott martin. scott, what does the future hold? >> probably a very big dose of volatility, melissa. thanks for pointing out we didn't lose as much as we did four years ago. melissa: right. >> it is still a loss. i love to look for you to the silver lining. this is the issue. you mentioned in the tease at the beginning. this fiscal cliff that looms ahead, not that far ahead. only a couple months away if that. there is certainly no resolution in sight. one of those things we'll
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play chicken with the u.s. economy. we'll play chicken with the u.s. consumer and probably not get anything done. that is the uncertainty that looms over the market more than anything. melissa: here is the question people are asking me today, on election day, stocks are moving higher. it seemed pretty obvious during the day that barack obama was winning. what was the big change overnight? what was the hangover today? >> yeah. that was the goofy thing and that's why i think blaming barack obama's re-election today kind of a red herring. i don't know anybody would put capital at risk hoping romney to win having it get blasted today. this is realization we'll still not get anything done. romney coming into office, let's say he did win the problems don't go away because mitt romney steps into the oval office. the problems are still there. the business community not having confidence in the congress and administration to put forward a growth oriented environment. higher taxes are not big of a deal if we're growing the economy. the economy is growing what,
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1.5%? melissa: sort of like the whole pallet of jokers that got us into this mess we put them all right back in. >> yeah. i mean other than, maybe a binder or two full of women being elected to congress which is nice thing that happened last night. thereeare still a lot of jokers in congress, frankly don't want to work together. they're like a bunch of children fighting over toys melissa in a sandbox where nobody wants to talk to anybody, nobody wants to compromise. we're out of time. >> this is reality. it is set. it is done. how do i protect money? do i buy gold? do i put it in cash and hide it? i don't want to put it in stocks because we're raising tax on capital gains. i think that is what a lot of selling today was all about. is the realization that the tax on capital gains is going up. you might as well get out right now and do something else with your money. >> dividends too. melissa: right. >> dividend payers such stars year-to-date are getting blasted as well. that is crowded trade. i tell people to be careful. i still think there are
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places to go. we talked about this. i like utilities. i like pharmaceuticals. those tend to outperform in down markets. volatility is not a bad word. what that typically means there will be ups and downs. on the downs you have to have dry powder to put in the market. over time, pharma, utilities will do well versus the s&p 500. melissa: i don't know. the average investor doesn't want to watch it day-to-day and hop in and out of these stocks. you say it will be volatile. do you go in and stay in or get out and again, buy gold or something like that, just stay on the sidelines? maybe you get out and you buy real estate because that is at a bottom? >> i like real estate too. in fact there is iyr, which is an etf, that is the ticker, that plays real estate investments both on the commercial and industrial side. i'm a money manager, right? my clients may me to go in and out of the market. for the person sitting at home managing their 401(k), look keep putting money in the 401(k), if the market drops it is on sale, if you
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put money in every month i think you will be happy. melissa: scott martin, thank you so. >> see you. enjoy the snow. melissa: thank you. on top of everything else. all right the election is over and it's time to put the political jockeying aside. no more sitting on the sidelines complaining about political gridlock. what we need now to find common ground, come together, work out these problems we're facing in our economy and our money. we need smart solutions to pull us out of the hole we're in, right, right? joining me my favorite we have to come together, kumbayah. there is lot of mess and we have elected people to go in and fix it, right, peter? how do we fix it? >> certainly both side have to compromise but both sides have mandate. the president won 50% of the vote twice now. that clearly gives him a mandate. a mandate that bill clinton didn't enjoy. the house of representatives, you know fairly consistent group of people who were elected by congressional
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districts that want them to spend less and trim this deficit. so they have a mandate on both sides to get the economy going better. to improve the jobs situation. but also, to spend less federal money. it will be interesting it see how they play this out. because the sequestration scenario that is developing around the first of the year and the snap back of the bush tax cuts and all, those things don't time themselves out well. with the stimulus measures that mr. obama is proposing, in such a way that could reward, could avoid a recession. melissa: so you see, the group of people that we sent back to washington that have to work together, and now it is not a joke. there is no room for fighting any longer. all of this partisanship, the class warfare, the criticism of each other has got to go to the side. and i think that maybe that is what the selloff today is about. people are afraid it won't. what would be your rest see for lawmakers to come
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together and work together? what is the first thing you would do? >> well i think there needs to be an honest appreciation and understanding of the objectives of the programs that the other side is putting out. there has to be an understanding on each party's part of the genuine cost that the other sees with their pet projects. and so that they can understand that, the nature of the tradeoffs, that could be accomplished, in a reasonable way. political ttadeoffs don't correspond to the kinds of economic tradeoffs that make compromise a more fulfilling process than one man getting his own. unfortunately the political process is dirtier business and it leaves people worse off in terms of the economic equation. melissa: don't you think -- >> we have to overcome that. melissa: we have to overcome that. this is the perfect time to do it. because everybody has sort of the most time possible before their next election. so it is sort of the best time in the world for
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politicians to get in the ring and compromise, because you have a lot of time to get in there and for things to get better or to deny that you compromised or gave anything to the other guy. at the same time, we are, we are so dangerously close to this fiscal cliff. diving over it is no joke, right? that would be a really huge problem. >> i agree. i agree with you completely. one of the problems that we have here is that mr. obama doesn't have a big vision of where he could take america. he seems to have this vague notion that things are better in europe and things here should be more like they are there. on the republican side, there is this sense any of these kinds of policies are taking us too far away from our moorings, our founding principles and so forth. and be they inconsistent with the requirements of a modern world, there is still
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only, only willing to make limited concessions with regard to them. melissa: okay. >> you have two ships passing in the dark. melissa: you're depressing me. are we going to go, i'm trying to be cheery here. i don't know if you can tell, but i'm trying to be cheery and trying to make people feel better. is there a solution out there, yes or no? do you think we're going over the fiscal cliff? i don't want you to tell me what it is. >> we're not going over the fiscal cliff. melissa: okay. >> because at the end of the day the republicans will have to blink on taxes. the alternative would be for them to say everybody's taxes go up, and that would be a politically unsaleable position. if a recession followed which would be very likely they would get the bag. at the end of the day mr. obama can force the democrats into acting because their own inaction would leave them with responsibility for the next recession. so i think he has got the high ground. melissa: peter morici, my friend, thank you for coming on. we appreciate it. >> you take care. melissa: next up, the clock on the fiscal cliff take
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ticks away. now that the election is finally over, is it time for let's make a deal? you bet there is. there is no other choice. president obama dials up top congressional leaders telling them now the time to work together. we have top three things to get done to clean up the economic mess. more "money" on the other side of this break. ♪
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>> we won't solve the problem of our fiscal imbalance overnight and certainly won't do it in a lame-duck session of congress. and it won't be solved simply by raising taxes or taking a plunge off the fiscal cliff. mr. president, this is your moment. we're ready to be led. not as democrats or republicans but as americans. melissa: house speaker john boehner a short time ago talking about the looming fiscal cliff. everyone knows that it is a huge problem which is why it is so incredibly frustrating that all anyone is doing is talking about it. but there is a powerful bipartisan group in play that could make all the
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difference of the here in a fox business exclusive is former congressman jim mccreary, who is on the steering committee for the campaign to fix the debt. he also served as the chairman of the house social security subcommittee. welcome, congressman, to the show. thank you for coming on. >> my pleasure, melissa. melissa: how do we solve this problem? what is a lot of people are worried about. we saw it reflected in the stock market. we have to come together and find a solution and americans are nervous about everyone doing it. do you see a grand bargain out there? >> well, what it takes is leadership. there will have to be leadership on both sides of the aisle in washington. leadership from the white house and leadership in congress. what the campaign to fix the debt is trying to do is create an atmosphere that will allows that leadership to take place. that allows policymakers to make the tough decisions that have to be made to get our debt and deficits under control without knowing that their political futures are in great jeopardy.
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that is what our campaign is all about. melissa: so how do you do that? because to me this is the perfect moment to do that. everyone has just been elected or reelected. so you have the most time possible before you have to run again. it is the perfect time to come together and compromise and do something really heroic, right? >> that's right. and our goal is to, again, create that atmosphere that is conducive to making the tough decisions. melissa: how? what do you do? what do you say? >> we're going to do it. we raised $30 million or so. we're going to raise more. we're going to do that to do grassroots operations, grass tops operations. some paid media, media like we're doing now. an array of things that we hope will raise the public's awareness of seriousness of this problem and again create that atmosphere that will allow policy makers to make those decisions. melissa: you think it is about convincing everyone's constituents they should
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support their own political leaders in going out there and compromising and giving something to the other side? that ii is about telling people out there, not about the congressman, but about telling people that they represent? that it is okay for their leader to compromise? >> well, i mean, compromise is probably going to have to take place because you will have to have both parties involved to create. melissa: sure. >> a plan to solve this problem, that is big enough to do the job. but, more, we want to create that atmosphere so that constituents are calling the policymakers offices and saying, hey, this debt thing is really a lot worse than i realized and if you don't do something, my kids will suffer, my grandkids are going to suffer. please fix this. that is what we're all about. that is what we're trying to create, so members of congress and the president will feel an urgency not only from substantive policy standpoint but maybe even from a political standpoint to get this done.
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melissa: but, congressman, you really this that is the problem, that is the biggest obstacle? it is me our viewers at home and their judgement and about their congressman and pressure from us is stopping these big men and women in congress making the critical decisions to not plunge us over the cliff? shouldn't they be brave enough to do what is right for the country and do this on their own? >> our goal as an organization is to have their backs. we want to create that support in the public for getting this done. i'm not about, and our organization is not about calling names or assessing blame. we want to get the job done. melissa: that is the most effective way? >> one necessary ingredient to get the public behind this. melissa: real quick. run us through the list of things that happen if we don't come to the compromise. increased cost of living. slower wage growth. generational injustice and eventually a fiscal crisis, right? >> absolutely.
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if something is not done to address the level of the debt within, not too many years, we're going to have a debt that's equal to 100% of our gross domestic product. it is historically when countries have gotten above 90% or so it does cause the kind of problems you indicated. interest rates would go sky-high. the dollar would be devalued and inflation would occur and standard of living in this country would go down. melissa: we're headed in that direction. congressman, thanks for coming in. we appreciate your time tonight. >> thank you, melissa. melissa: we want to hear what it takes to prevent the fiscal cliff. like us on facebook.co facebook.com/melissafrancisfox or follow me on twitter @melissaafrancis. president obama called congressional leaders and said now is the time to come together. this is better late than ever. we need to break down the top three things that need to get done right now.
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oil and gas companies brace for a wave of new regulations in president obama's second term. it could bring their blockbuster growth to a halt. former energy secretary bill richardson joins us to drill down on all of this. do you ever have too much money? ♪ .
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when emerson takes up the challenge, "it's never been done before" simply bemes consider it solved. emerson. ♪ melissa: no question, president obama will have his work cut out for him in his second term. not the least of all pushing through the partisan gridlock he says he has, that has been holding him back all these years. he has got to make big moves and fast on jobs, health care, tax, you name it. no matter how you voted last night i'm betting you're sick and tired of all the political bickering. why can't things just get done? joining me now is fred barnes, fox news contributor and executive editor of "the
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weekly standard." we have juan williams, fox news political analyst. you know what, guys? i'm going to bring people together if it kills me here. you know? fred, give me your olive branch. what could the republican offer? we have to solve the problems the fiscal cliff not like we're going over it anymore. it is speeding at us. i'm terrified. give me an olive branch. >> melissa, you first thing you need to do is not do all this in the lame-duck session of congress. you have the stopgap measures is. turn it over to the new president, same president, obama. democrats ought to be happy with that because there are a few more democrats than there were in the last one. if you listened to speaker boehner last night. he is happy to have tax revenues go up, just not tax rates. you don't want to raise tax rates when you have an economy that is so weak it is disincentive to invest, and job, and --. melissa: fred, no olive branch what you're saying
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there, my friend. >> sure what do you mean? melissa: juan, did you hear an al live branch in there? >> no. he is a smart man but the thing is he is a hard man, melissa. >> oh, please. >> what just basically said is, the same deal we were offering before and we don't see any need for further compromise. that just encourages democrats in their intransigence. but olive branch you're looking for, i don't see it. melissa: juan, here is your chance to rise above the fray. here is your chance to make mr. barnes look bad. give me your olive brand of. you make your suggestion. what would you like the democrats to come and offer here? >> well i think the president needs to go public with embracing some aspect of simpson-bowles so he has taken political ownership in a way i think he was cowardly for not doing previously. melissa: like what? i love where you're going, juan. like what? give me an example. >> he would say that we're going to have tremendous spending cuts, for example, in medicare.
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and he would say, here is how i plan to do it. here is exactly the age level for eligibility. or he would say with regard to social security, here are the changes that i propose making. and, i take ownership. i'm going to take flak from my political base and the democratic party and expose my party to harm. you, mr. boehner, see what you got. melissa: juan, you're a great american. i'm weeping here at the desk. i love that. fred, come onn what have you got? put something on the table? >> you know what chance there is that president obama is going --. melissa: don't be critical, fred? don't be critical. >> there is not a chance. look, he passed up the chance over and over again to embrace simpson-bowles, to do something about medicare. to do something about social security which easiest thing of all, social security. look, there are so many tax breaks, deductions, credits, that you could cut. not just for rich people. you would have to do it for other people if you want to raise revenues. republicans are ready to do
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that. melissa: like what? give us your advice, fred. it was a long night. we're all a little cranky. we have to help everybody come together. give me one, fred, come on!. >> i'm not cranksy at all. but for a lot of people you can camp so of these deductions. one on the second home, for instance. that is one. you can start with, i have a second home. so i'm putting myself on the line here. melissa: okay. >> less of a tax deduction on the your mortgage for a second home. that is good place to start. >> juan, do you like that? >> you know, yeah, i have no problem with that as an idea but again, what fred is doing i think is avoiding the difficult conversation on the republican side, not only about identifying, got to be more than that. that is not big money. you have to really identify -- >> yeah, it is. >> big loopholes, deductions, closings. you have to be multiple, fred. >> of course. >> that is takes us toward the rates. i know you don't want to touch the rates. >> no. >> at some point you got to say, hey, if the other guy
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will take the beating i'm going to show i've got some skin in the game too. melissa: juan, you would like to hear about rates going up? loopholes are not enough for you?. >> remember when they had the 10 republicans on the stage, would you take one dollar and a tax hike for $10 in spending cuts and they said no. >> i know. hey, they're not going to be in this congress. those republicans. they're not in the white house. republicans, if, were offered a deal like that they would take that in a heartbeat of course. but there are some things you can do, revenuewise. it would be crazy. it would be infair. would not be an act of fairness to raise tax rates. then all you're going to do is weaken the economy and weaker the economy, juan, who suffers the most? it is people at the bottom of the economic ladder. people that obama says he wants to help. melissa: kumbayah, gentlemen. we'll leave it there. thanks for coming on to make your best effort. we appreciate it. >> you're welcome. melissa: we have a ways to go. maybe we did something
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there. next on "money", now that the oil and gas industry ares booming what happens the next four years? former energy secretary bill richardson is here to tell us. sandy victims are hurt by price-gouging. new york's attorney general is here to shut it down. "piles of money", compromise and love, it is all coming up. ♪ for 30 some years at many different park service units across the united states. the only time i'vever had a break is when i was on maternity leave. i have retired from doing this one thing that i loved. now, i'm going to be able to have the time to explore something different. it's like another chapter.
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♪ . melissa: so energy stocks taking a huge hit today with oil and natural gas along with coal miners among the biggest losers. president obama campaigned on his wide-ranging all of the above energy plan but let's drill down on what will we really see in the next four years. joining me, bill richardson,
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former governor of new mexico and secretary of energy under bill clinton. thank you for joining me today. >> thank you, melissa. melissa: what do you think the future holds for the energy sector and the campaign is over and reality sets in? what's your bet? >> i think the president is in a strong position and what i would do, i would do three things. one, if i'm president i would say, we're going to have an energy summit. let's get all the stakeholders, oil and gas, renewables, clean coal, nuclear, and let's have a comprehensive energy policy. let's get the poll tex out of it. the second thing i would do is i would say, one of my major initiatives in the new congress is going to be a comprehensive energy bill, along with immigration, reform and obviously the debt issue. and then third, melissa, i think that the president should say, let's find a real climate change policy in this country. look if anything sandy has taught us, is that the
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planet is saying something to all of us. but i think this is the time for conciliation, for compromise. although i will say the oil and gas guys, and the coal guys, melissa, i think they have a little fence-mending to do with the white house but i think the president is ready to have a dialogue. melissa: let's start with that energy policy because he said all of the above but it seems like if you look at a lot of his policies in a lot of places that he bet tax payer dollars it is on green energy. whether you support that for not, whatever you think, a lot of people in the market today are betting another four years is bad for the coal industry and bad for traditional fossil fuels. do you think that is right? it seems logical. >> the record, doesn't show, with oil and gas, we have the highest amount of drilling going on in public lands. melissa: that has to do with fracking and shale and people are worried about that there is going to be more regulation on tracking and shale now at this point.
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that is why we're seeing so much production. it was technological advance that has ushered in all of this natural gas and new production. could do you think he might threaten that? a lot of people think that is bad for the environment? >> no. i think the president has said let science, let sensible environmental regulations deal with natural gas and fracking. i think that is the right policy. but i think the industry has got to realize they just can't have a free hand. there has got to be sensible regulation. melissa: so that sounds like more regulation. >> now, now, the issue here, melissa is the coal guys. i think the president has said he wants clean coal, but the coal guys came after him in many states. he wants to kill the coal industry. that's really not true. so i think they have got to have a real reality check, ask as to whether they want to be part of this all of the above policy which i think from the president's
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standpoint and national standpoint makes a lot of sense of the he said last night, i want to reduce oil imports in his acceptance speech. and so what needs to happen is we don't have a comprehensive energy policy. melissa: but you say they have to mend fences. do you think that means, that if they don't come forward and mend fences he will seek revenge and punish them? that is what is sounds like you're saying a little bit? >> no, i'm saying they overdid their campaign rhetoric. they should come to the table. i think if they try to isolate themselves and fight everything, that doesn't make sense. what i'm saying is, that, everybody needs to compromise. now, i think the future in my view is natural gas and renewable energy. and president obama on green energy making fuel standards more efficient. green buildings. green energy efficiency initiatives. that makes a lot of sense. melissa: okay. >> and i also want to see more oil and gas drilling.
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i don't have a problem with that. but there has got to be, up know, instead of this incessant competition between democrats and republicans and the oil industry and renewables and regulation and nonregulation, i think the message the voters sent is, guys, let's get together and have a comprehensive. melissa: we're all for it. governor, thank you for coming on. we appreciate your time. >> thanks, melissa. melissa: time for today's fuel gauge report. first up oil prices tanked in today's selloff as strengthening u.s. dollar and larger than expected climb in crude inventories sent prices down 5%, settling at 84.44. that is oil's lowest close since july 10th. the u.s. has hit the highest oil production since december of 1994. out put is 8.6 million barrels a day. thank you fracking and shale. exxonmobil telling iraq it plans to exit a $50 billion oil project. tensions flared between the
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two sides. exxon signed a slate of development deals with kyrgyzstan against the wishes of iraq's government. exxon is in talks with foreign oil companies to sell its stake. they are slapping billions of dollars of duties of chinese solar products. chinese companies have been accused of flooding the u.s. market with discounted products. you know we don't want those. next on "money", a crackdown on price gouging. it is an unfortunate effect of the superstorm. new york attorney general eric schneiderman is here exclusively with his plan on cutting it out. at the end of the day it is all about money and lines. ♪ i'm a conservative investor. i invest in what i know.
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♪ . melissa: come on, yes you are, the election is over. we'll all come together now. no doubt you heard a lot of touching stories about people who sacrificed time and money to help after the storm. didn't bring out the best in everyone, never does, right?
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listen to this. in new york and new jersey there are been more than 2300 reports on price-gouging on everything from gas, to food, even water. that is in 10 days. authorities take the claims very seriously. joining me in a fox business exclusive, new york attorney general eric schneiderman whose office is investigating hundreds of claims of price-gouging throughout new york state. thanks so much for joining us. >> glad to be here. melissa: this is serious problem, right? commodities are scarce. resources are scarce. there are people out there trying to take advantage. >> they are. we have gotten as you said hundreds of complaints. we put out a warning day before the storm calling vendors attention to the price gauging law. we're following up. we urge over one to go to the www.ag.ny.org. our counterparts in new jersey are enforcing their law. if you see prices spike dramatically, not up by a few cents but if prices are 50% or 100% more than the
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week before the storm, call it in. that could be gouging. >> what is your definition of gouging. to a certain extent the market is the market. if there is no gas to be had and somebody wants to charge double, if market will bear it and people will buy it why is it gouging? >> that is very important point. our statute inhibit prohibits unconscionable price increase. >> what does that mean. >> doesn't reflect supply and demand of the goes beyond wholesale price. very important to point out most merchants are doing the right thing. they few customers as folks they want as long term customers. talking about a very small number. if you think of all of the hundreds of thousands of businesses in the area affected by the storm, very small number of folks. there are always are after a natural disaster, we saw it after hurricane irene, and enseen it in other places try to victimize the victims. that's what we're trying it stop. you have batteries where there was nories are up shun of supply -- no disruption
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of supply they're selling three times. melissa: craig's list. people were selling gas, what kinds of things did you see? >> well re have been pursuing folks no matter where they go. there were ads showing up on craig's list for gasoline $15, $15 a gallon. we're going wherever they are. the important thing here is for people to understand, don't panic in. supplies are all coming back very rapidly. regular merchants that do business with you every day will have supplies back. these folks we're going to catch. not worth it to them. don't try to gauge. new yorkers have big mouths. they are calling. melissa: that's right. they're calling an complaining. they will not stand for it. in those situations out of curiosity on craig's list, is it real? will they give the gas for $10 a gallon? is it fake gas. >> that is a good question, if you're doing business with anyone not a regular merchant, you're taking a chance they're not legitimate at all. melissa: right. >> urging people never too3 respond to e-mail
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solicitations from folks you haven't heard of, telephone solicitations from folks you haven't heard of. there are a lot of folks posing as contractors to help people clear trees and things like that. check references. get written estimates. make sure they have an address and phone number. they pray on people who are panicking and prey on people who are anxious. we urge everyone take a pause, take a few steps to protect yourself and call in any legality. melissa: are those people gouging big contractors? are they doing the work or scam artists coming in to take your money and evaporate. >> some of both. some are contractors not at all and don't have licenses which could be dangerous. we're finding folks not trained to do the work. people are highering folks who will not do a good job, not follow precautions. the licensed contractors are, are, they're booked. they're overbooked. they're trying to catch up. they're hiring more people. everyone has to take a little moment's breath.
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when you get an offer that is too good to be true, it is not true. >> probably, people are even price-gouging on bread. >> yeah this is something we've not really seen before because this storm had such a long-term effect, something going on longer than most natural disasters, even foodstuffs, bread, gouging on matches. we have reports on charging huge rates for books of matches and boxes of matches. potatoes? that is really something we've never seen before. melissa:, no,ers are so -- new yorkers are so tough. hard to believe people fall for this. you have to patrol it. luckily things are getting back to normal. >> getting back to normal. most merchants are doing the right thing. new yorkers continue to report the folks that are gouging. we'll get them. melissa: mr. attorney general, thanks for coming on. we appreciate your time. >> thank you. melissa: do i think president obama was the big winner among last night's election? pot heads may beg to differ with you. we'll explain that coming
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up. you can never have too much money. we'll be right back. ♪ what's next?
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>> it is time for spare change.
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with dennis kneale. thank you for coming on. >> kathy obama day. >> colorado has officially approved marijuana. just when the attorney general walked out. this time even for recreational use. you have to be 21 years old and you can be taxed. analysts predict it could be between five and $22 million. >> i don't want to hear any more mile high jokes. [laughter] >> i am a big proponent. tax it make it a luxury tax just like alcohol. melissa: i gateway drug? >> come on. >> you don't have been a
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number the next day 51 your speaking from experience? >> i am not. [laughter] >> a call is far more devastating to your function and marijuana from what i have read. i'm interested to see with the local government does to regulate how overburden to will it be? we talked to a grower you cannot smoke at the broncos football game, you have to be inside. melissa: but somebody could it hailed next to you i don't generally poor beer into the guy next to me into his mouth.
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>> this is amazing. 40 years this normal pushes forward legalization medicinal was a slippery slope. amsterdam a lower percentage smoked pot and in the u.s. where we spend $1 trillion. melissa: there is everything else why would you bother with that? >> have you ever wondered how astronauts vote? that actually cast their ballot from space. they could get a digital version sent up from mission control. when they're done they just send it back. >> who cares? if a master not boats are not. i wished millions more people have voted in the
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selection. >> is kumbaya of -- type of day today. >> wall street is sitting oh my god what have we done. >> you are in a bunker with the guns. it is over. what about the astronauts voting? >> he is cranky. >> >> we spent so much time talking about the money into the campaign together they spent $2 billion if you look at the congressional campaigns then you talk $6 billion. it seems like an egregious
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waste of money. >> free pot for everybody in washington state and colorado. >> that would keep them smoking a long time. >> i could buy "the new york times" company and have 800 million leftover to party or 1.7 billion i could buy zinga and have a virtual tracker. melissa: i would buy all handbags. i think it would be a whole planet. >> i want louis vuitton. >> i would lead have a catalog of rush and steve miller band an

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